The primary set of charts I follow sport bearish candles across the board after today's action. It seems there was a buying frenzy this morning fueled by folks who were anxious to chase last week's rally. The morning moves fizzled somewhat by the end of the session, hinting that some short-term exhaustion may be at hand.
By no means do I think a serious correction is upon us, especially with regard to precious metals. However, these exhaustion candles may be warning us to expect some short-term softness. It seems more likely that the market gods are positioning to shake out weak hands before entering launch mode full-force. If the markets do, indeed, pull-back, I will use the weakness to top off my precious metals positions, primarily in the form of the Silver Wheaton calls I am eyeing.